DDM Analysis: 6515.TW

Valuation Snapshot

Stable Growth	$874.61 - $1,946.99	$1,262.94
Multi-Stage	$632.67 - $690.88	$661.25
Blended Fair Value	$962.09
Current Price	$1,295.00
Upside	-25.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014
DPS	21.54%	15.76%	10.53	21.03	10.48	12.26	10.22	3.97	3.57	7.15	0.00	3.14
YoY Growth	-	-	-49.90%	100.55%	-14.48%	20.01%	157.26%	11.11%	-50.00%	0.00%	-100.00%	28.96%
Dividend Yield	-	-	1.10%	2.91%	1.46%	2.76%	2.67%	1.44%	0.63%	1.25%	0.00%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,579.75
(-) Cash Dividends Paid (M)	377.98
(=) Cash Retained (M)	1,201.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.95	197.47	118.48
Cash Retained (M)	1,201.78	1,201.78	1,201.78
(-) Cash Required (M)	-315.95	-197.47	-118.48
(=) Excess Retained (M)	885.82	1,004.31	1,083.29
(/) Shares Outstanding (M)	35.88	35.88	35.88
(=) Excess Retained per Share	24.69	27.99	30.19
LTM Dividend per Share	10.53	10.53	10.53
(+) Excess Retained per Share	24.69	27.99	30.19
(=) Adjusted Dividend	35.22	38.52	40.72
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$874.61	$1,262.94	$1,946.99
Upside / Downside	-32.46%	-2.48%	50.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,579.75	1,682.44	1,791.80	1,908.26	2,032.30	2,164.40	2,229.33
Payout Ratio	23.93%	37.14%	50.36%	63.57%	76.79%	90.00%	92.50%
Projected Dividends (M)	377.98	624.88	902.27	1,213.09	1,560.51	1,947.96	2,062.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	564.02	569.37	574.72
Year 2 PV (M)	735.10	749.10	763.24
Year 3 PV (M)	892.09	917.69	943.79
Year 4 PV (M)	1,035.81	1,075.65	1,116.62
Year 5 PV (M)	1,167.08	1,223.45	1,281.98
PV of Terminal Value (M)	18,307.44	19,191.70	20,109.80
Equity Value (M)	22,701.55	23,726.96	24,790.14
Shares Outstanding (M)	35.88	35.88	35.88
Fair Value	$632.67	$661.25	$690.88
Upside / Downside	-51.15%	-48.94%	-46.65%

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WinWay Technology Co., Ltd. (6515.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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